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still ahead tonight, it's not just the fiscal cliff mess that congress has left undone. there is a whole lot of other work that our lawmakers should have done this year but did not. i will tell you all about it. and we will be right back gerri: president obama calling on congress to act to avoid the fiscal cliff. the president said he is optimistic. modestly optimistic, that is, that a deal can be done. here is the president. >> i still want to get this done. it's the right thing to do for our families and our businesses and for our entire economy. but for immediate action comedy hour is here. it is now. we are now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american paycheck will get considerably smaller. that would be the wrong thing to do. gerri: no kidding. we have been telling you that for weeks. democrats and republicans alike should rename their parties the procrastination party. that is because like a lot of college freshman, they left their work until the last minute. including the 800 billion-dollar fisc
still ahead tonight, it's not just the fiscal cliff mess that congress has left undone. there is a whole lot of other work that our lawmakers should have done this year but did not. i will tell you all about it. and we will be right back gerri: president obama calling on congress to act to avoid the fiscal cliff. the president said he is optimistic. modestly optimistic, that is, that a deal can be done. here is the president. >> i still want to get this done. it's the right thing to do...
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Dec 28, 2012
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not the fiscal cliff. that is debt ceiling debate we were talking about. he says give us a checkbook and taking a shot at republicans. that is different from the fiscal cliff. >> andrea: they are intertwined. not separate entities. i point out is the language he used. con plaited republicans holding their children hostage and murdering them. imagine if the republicans said that. you have don't hear about it. you hear about it here. >> kimberly: because we put it on fox news. i like to play a game called seal a new deal. go around the table. >> andrea: taken. >> kimberly: it has? >> andrea: yeah, sorry. >> kimberly: we play this and begin with you. let me know what you think. deal or no deal by the time of the deadline? >> no deal. meeting with the political theater. >> kimberly: andrea? >> andrea: no deal. >> kimberly: he doesn't want one. he is all for -- >> eric: there probably will be something early january. >> eric: it will be a bad deal. squishy republicans -- actually you are mad at everybody. mad at republicans and democrats. >> eric: lawmakers in
not the fiscal cliff. that is debt ceiling debate we were talking about. he says give us a checkbook and taking a shot at republicans. that is different from the fiscal cliff. >> andrea: they are intertwined. not separate entities. i point out is the language he used. con plaited republicans holding their children hostage and murdering them. imagine if the republicans said that. you have don't hear about it. you hear about it here. >> kimberly: because we put it on fox news. i like...
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Dec 28, 2012
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cliff, has a lot of the damage been done, brian? >> i think it has. that's a good point and i think what you need to do is put your trader hat on and say i'm going to trade this for a hope rally, but if you're a longer term investor i would use any type of rally to take any profits that i have because i think a lot of damage has been done over the last year. businesses have been paralyzed and now the consumer has been paralyzed. what advice do you have among people trying to invest amidst this uncertainty. >> i think long term they're much more important for factors at work than what happens with this budget deal. >> thank goodness. >>a you will we would do if we went over the cliff from a tax point of view is install the tax structure from the clinton administration. >> we'll show people right now that you like homebuilders and you like retailers, right? put that up. heebner likes retail, home building, what's the third one? automobiles. >> all early-cycle stocks. i like these stocks because the economy is going to be -- has a mult
cliff, has a lot of the damage been done, brian? >> i think it has. that's a good point and i think what you need to do is put your trader hat on and say i'm going to trade this for a hope rally, but if you're a longer term investor i would use any type of rally to take any profits that i have because i think a lot of damage has been done over the last year. businesses have been paralyzed and now the consumer has been paralyzed. what advice do you have among people trying to invest amidst...
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Dec 28, 2012
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>> set the fiscal cliff aside for one moment. you've done extensive research on recovery from recessions. where are we in the current recovery? what in your estimation does 2013 look like from an economic standpoint. >> fairly normal from world war ii financial crisis, housing recovers on cue five or six years later. the good news is that there's stable underlying growth. the bad news is you don't get the zoom you got out of it during the depression. >> we're in year five of a seven year process. >> more than seven years. >> last time you were here you said we were half way through regardless of who wins in 2012. the next four years would not look much better than the past four years. >> we're going to have, i don't know if not very much better than the past four but we're not going to have fantastic growth. unemployment will take many more years to feel normal, so we have many years left in the recovery but hopefully in two or three years we feel like we're moving there and not at the starting point. >> let's talk about the glob
>> set the fiscal cliff aside for one moment. you've done extensive research on recovery from recessions. where are we in the current recovery? what in your estimation does 2013 look like from an economic standpoint. >> fairly normal from world war ii financial crisis, housing recovers on cue five or six years later. the good news is that there's stable underlying growth. the bad news is you don't get the zoom you got out of it during the depression. >> we're in year five of a...
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Dec 28, 2012
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they realize that if there is no deal that gets done, we go over the fiscal cliff or the obama cliff and everything that gets kicked into gear, higher tax rates, some of the spending cuts, sequestration, probably good for the economy, which i believe is, but also he can come back in after the first of the year, sometime in january or february and say, let's pass some tax cuts for people making under $250,000 a year, like i've wanted to do all along and he gets to own tax cuts. it's very, very politically senator to do this on his part. on right, they really, really needed to be one voice and they just couldn't get to that. >> kelly: he divided the republicans as charles krauthammer alluded to, saying that's what the president wanted to do, to divide the republicans. senator john barrasso has something to say about the president, saying he may have wanted to do this all along, go off the fiscal cliff. >> i think that he sees a lot of cuts to the military, which the democrats have been after for a long time. and then he gets to do what he loves to do, which is blame republicans. my con
they realize that if there is no deal that gets done, we go over the fiscal cliff or the obama cliff and everything that gets kicked into gear, higher tax rates, some of the spending cuts, sequestration, probably good for the economy, which i believe is, but also he can come back in after the first of the year, sometime in january or february and say, let's pass some tax cuts for people making under $250,000 a year, like i've wanted to do all along and he gets to own tax cuts. it's very, very...
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Dec 28, 2012
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cliff. president obama will be meeting with congressional leaders later today. danielle leigh joins us. >> that meeting in many ways a last opportunity for the president and congressional leaders to reach a deal and get something done before this year is over. if this meeting is unsuccessful it could seal this country's fate, as some developments yesterday. house members no longer on stand by. ready to come back sunday. to take a vote. when these tax cuts expire just about every worker is going to see their paycheck reduced. it's going to eliminate unemployment extensions and initiate spending cuts across the board. >> how will people see this in their paychecks and in their taxes? >> workers will feel it immediately in their paychecks. those paychecks will be reduced. those making 40,000, 50,000 are going to see 1700 less a year. it continues as the wages increase. so people are going to feel this in their pocketbooks. >> all right, danielle, thank you. >>> last night on the rachel maddow s
cliff. president obama will be meeting with congressional leaders later today. danielle leigh joins us. >> that meeting in many ways a last opportunity for the president and congressional leaders to reach a deal and get something done before this year is over. if this meeting is unsuccessful it could seal this country's fate, as some developments yesterday. house members no longer on stand by. ready to come back sunday. to take a vote. when these tax cuts expire just about every worker is...
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Dec 28, 2012
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cliff showdown. just four days left to get this deal done or massive tax hikes and spending cuts will kick in. >>> the u.s. embassy clearing out of an african nation this morning. deteriorating security in the central african republic has forced the u.s. state department to temporarily suspend operations. there the u.s. ambassador, his diplomatic team and some private american citizens are out of the capital. the country's president has asked france and the united states for help to stop rebels that threaten rule. >>> it's not clear who will replace lisa jackson as the head of the environmental protection agency. jackson announced yesterday she's stepping down in january after the president's state of the union address. the epa created new standards for air pollution from coal power plants on her watch. >>> massachusetts congressman ed ma markey throwing his hat into the ring for kerry's senate seat. a special election would be held early this summer. markey a 66-year-old democrat is the first promin
cliff showdown. just four days left to get this deal done or massive tax hikes and spending cuts will kick in. >>> the u.s. embassy clearing out of an african nation this morning. deteriorating security in the central african republic has forced the u.s. state department to temporarily suspend operations. there the u.s. ambassador, his diplomatic team and some private american citizens are out of the capital. the country's president has asked france and the united states for help to...
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donald, they have no one about, for instance, this fiscal cliff, they have known about it for 18 months. they have done nothing for 18 months. >> they have really known about it for ten years, when you think about it. they have known about it for ten years. but that is the way government is working. >> well, my point is no politician has been tied up in the base men of the capital or white house and said don't do this. they have had plenty of tune. you talk about the big plan. have you seen any appetite for any of these members of congress or the president or anybody else to really have a big plan that actually fixes the problem? >> no, because right now the president doesn't have a big downside but in a month and a half from now he has a huge downside and that comes due with the debt ceiling. and frankly, you know, when you say they have no one about this for a year and a half, they have known about it for ten years because it was always meant to be. this was going to explode and people were going to negotiate something before it explodes. but i think it's highly overrated. it's going
donald, they have no one about, for instance, this fiscal cliff, they have known about it for 18 months. they have done nothing for 18 months. >> they have really known about it for ten years, when you think about it. they have known about it for ten years. but that is the way government is working. >> well, my point is no politician has been tied up in the base men of the capital or white house and said don't do this. they have had plenty of tune. you talk about the big plan. have...
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Dec 28, 2012
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. ♪ >>> back now at 7:40 as the nation watches to see what happens with the fiscal cliff, there's another important piece of legislation that needs attention. if nothing is done about it, the cost of milk could go sky high. here's nbc's stephanie gosk. >> reporter: the dairy industry is calling it the milk cliff. just like tax rates, if congress doesn't approve a farm bill by january 1st, the price of milk could go up. way up. right now an average gallon costs $3.65. it could soar to between $6 and $8. mara has three little kids. that means a lot of milk. >> you have to have it for young kids. it helps them grow. so it's hard when it gets that expensive. >> reporter: for many families, milk is a staple they can't cut back on. >> a lot of families that are tight, incomewise, they don't want to buy milk at $7, $8. >> reporter: it's not just milk prices. all dairy products would be affected. imagine if wisconsin cheddar cost more than imported french brie. what would that mean for the average grilled cheese? one part of the complicated farm bill controls the dairy market. without it, pricing
. ♪ >>> back now at 7:40 as the nation watches to see what happens with the fiscal cliff, there's another important piece of legislation that needs attention. if nothing is done about it, the cost of milk could go sky high. here's nbc's stephanie gosk. >> reporter: the dairy industry is calling it the milk cliff. just like tax rates, if congress doesn't approve a farm bill by january 1st, the price of milk could go up. way up. right now an average gallon costs $3.65. it could...
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Dec 28, 2012
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cliff from happening. but with just four days left until everybody's taxes go up, there's not a lot of optimism that it can be done in time. jonathan karl, abc news, new york. >>> tributes are pouring in for retired general norman schwarzkopf. the general, nicknamed stormin' norman, died yesterday in tampa from pneumonia. schwarzkopf commanded operation desert storm, the coalition of some 30 countries that drove iraqi forces from kuwait back in 1991. in retirement, he supported charitable causes and resisting calls to run for public office. norman schwarzkopf was 78. >>> for the second time this month, a man has been pushed to his death in the path of a new york subway train. last night, eyewitnesss say a mumbling woman shoved a man onto the tracks just as the train was pulling into an elevated station in queens. surveillance video captured her running away. it's not clear if she knew the victim. new york police are reviewing surveillance video recorded on the platform to try to identify the victim and the
cliff from happening. but with just four days left until everybody's taxes go up, there's not a lot of optimism that it can be done in time. jonathan karl, abc news, new york. >>> tributes are pouring in for retired general norman schwarzkopf. the general, nicknamed stormin' norman, died yesterday in tampa from pneumonia. schwarzkopf commanded operation desert storm, the coalition of some 30 countries that drove iraqi forces from kuwait back in 1991. in retirement, he supported...